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Advice on starting a company/LLC
Posted on 3/30/15 at 11:39 am
Posted on 3/30/15 at 11:39 am
I live in FL and perform IT/Network/Computer consulting here and in AL part time. I want to make sure to protect my personal assets from the business. I work by myself and plan on continuing that way. What is the best type of business to set up, LLC, S Corporation or other to reap the best protection and tax benefits? I'd also like to keep this quiet from my current full time employer so how would I go about keeping my name out of the public database?
I also want to use a LLC or whatever is suggested for my Investments as well, meaning, my personal stocks, real estate, etc. Is this legal? Recommended? Any and all suggestions are welcomed.
TIA.
I also want to use a LLC or whatever is suggested for my Investments as well, meaning, my personal stocks, real estate, etc. Is this legal? Recommended? Any and all suggestions are welcomed.
TIA.
4
Posted on 3/30/15 at 11:49 am to NoleTideNole
Not sure about some of your other questions but your LLC name and Tax ID are public knowledge if I'm not mistaken.
Posted on 3/30/15 at 12:10 pm to stevengtiger
quote:
Not sure about some of your other questions but your LLC name and Tax ID are public knowledge if I'm not mistaken.
I've read, and take it with a grain of salt as it is on the internet, that some states do register your corporation w/out making your name public. Nevada, Wyoming and Delaware have been mentioned. I'm just not sure if that is true.
Posted on 3/30/15 at 12:15 pm to NoleTideNole
Could you possibly add someone to the LLC for thei rname but write up the documents to give them no real equity?
Posted on 3/30/15 at 12:18 pm to NoleTideNole
quote:
Advice on starting a company/LLC
Go see an attorney and/or a CPA. Explain your particular situation. Let them give you actual usable advice.
Posted on 3/30/15 at 12:27 pm to GenesChin
quote:
Could you possibly add someone to the LLC for thei rname but write up the documents to give them no real equity?
Yes, but then they'd be liable wouldn't they? I'm trying to avoid the "a hacker got our passwords for all of our users from hacking in using one of our employees passwords so you are responsible for all damages b/c you worked on our server and firewall" lawsuit.
Posted on 3/30/15 at 12:30 pm to TigerDeacon
quote:
Go see an attorney and/or a CPA. Explain your particular situation. Let them give you actual usable advice.
But I like the eLawyers on TD.
I do plan on doing that for real as I have several friends who are attorneys but just thought I'd post here first.
Posted on 3/30/15 at 1:21 pm to NoleTideNole
Advice regarding asset protection and business registration is legal advice which you should seek from an attorney. As for tax advice, go see an experienced CPA who can tell you the advantages and disadvantages of the various options you have for income tax reporting. There is no one size fits all answer.
Posted on 3/30/15 at 2:19 pm to Poodlebrain
I agree with what everyone is saying. An S corp or LLC both have liability protection for you as well as conduit gains and/or losses. You can write of business expenses on both as well..not to mention other stuff for itemized deductions. I would think a LLC would probably fit you well with the very limited info but I am not a CPA or JD...just an FA
Posted on 3/30/15 at 2:52 pm to ODoyleRulez
quote:
ODoyleRulez
I appreciate the info, as I mentioned, will be talking to someone this week but just wanted to know the opinions of people here. So far, I've gained good knowledge from advice on this forum and, while not taking it as the gospel, I do respect the advice and opinions of those on here willing to help out.
Posted on 3/30/15 at 4:14 pm to NoleTideNole
quote:
NoleTideNole
quote:
I've read, and take it with a grain of salt as it is on the internet, that some states do register your corporation w/out making your name public. Nevada, Wyoming and Delaware have been mentioned. I'm just not sure if that is true.
This is absolutely true of Wyoming. One of the biggest Democratic Party fundraisers in America lives in my hometown of Denham Springs. Campaign Finance Reports locally showed where he moved massive amounts of money into holding companies in Wyoming in order to give donations to his daughter when she'd run for statewide local office.
It was really murky stuff by a local blogger pieced it all together. He couldn't track owner/agents once the Wyoming companies got the cash, but the paper trail flowed from the fundraiser, to those companies, and then directly to his daughter's campaign*
*Which she lost.
Posted on 3/31/15 at 9:16 am to GFunk
I originally filed a LLC and my CPA told me to reapply for a S-Corp for banking purpsoses. Suppose to lessen my tax liablity apparnetly
Posted on 3/31/15 at 9:44 am to GFunk
quote:
GFunk
Thanks, thought that was the case but wasn't positive.
quote:
WarmBubble
Thanks for the info, will wait to do anything until I've chatted with a CPA then.
Posted on 3/31/15 at 1:31 pm to GFunk
I can advise you of methods to structure trusts and businesses to disguise and/or outright shield the ownership/control of assets from anyone lacking subpoena power. It can be done in Louisiana pretty easily. As a lark I described how you could do it to remain anonymous if you won a large Powerball drawing a few years ago. LINK
Posted on 3/31/15 at 3:00 pm to Poodlebrain
quote:
Poodlebrain
You are obviously way smarter than I am so I think we need to talk more.
Are you a CPA, FA, Attorney or other?
Posted on 3/31/15 at 3:24 pm to NoleTideNole
I am a CPA, but formerly I was a partner in a Las Vegas boutique legal/accounting firm that specialized in creative structures for those seeking privacy. My attorney partners and I did this sort of thing regularly using domestic and foreign trusts and business entities. It just takes some effort to learn where you want to create, or organize, your business entities and establish specific trusts.
Posted on 3/31/15 at 3:52 pm to NoleTideNole
You should always consult a CPA and possibly a transactional lawyer before setting up any business where you will invest a lot of time and money.
With that said, there is a 99% chance the answer is an LLC and of that remaining 1%, there is a 99% chance that you shouldn't do a c corp.
With that said, there is a 99% chance the answer is an LLC and of that remaining 1%, there is a 99% chance that you shouldn't do a c corp.
Posted on 3/31/15 at 3:53 pm to Poodlebrain
quote:
I can advise you of methods to structure trusts and businesses to disguise and/or outright shield the ownership/control of assets from anyone lacking subpoena power. It can be done in Louisiana pretty easily. As a lark I described how you could do it to remain anonymous if you won a large Powerball drawing a few years ago. LINK
You're rich, you don't have to do all that, just pay these guys to do the dirty work:
LINK /
Posted on 3/31/15 at 4:53 pm to tes fou
If I had the kind of riches we are imagining I know that I would use Andersen Tax as part of my wealth management team. I used to work with Mark Vorsatz and several of the other mamging directors.
Posted on 4/1/15 at 6:26 am to Poodlebrain
[quote]Poodlebrain[quote]
[quote]As a lark I described how you could do it to remain anonymous if you won a large Powerball drawing a few years ago. LINK[quote]
That is incredible.
[quote]As a lark I described how you could do it to remain anonymous if you won a large Powerball drawing a few years ago. LINK[quote]
That is incredible.
This post was edited on 4/1/15 at 6:28 am
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